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Consumer confidence remains unchanged, says Nationwide

Consumer confidence in October remained unchanged, according to the Nationwide Consumer Confidence Index.

The index shows confidence levels in October stayed at 72 points, from a possible 120 points, with consumer expectation levels dipping two points to 106.

The present situation index increased by three points to 22 last month, while the fourth of the indices, the spending index, also remained unchanged at 103 points.  

Consumers are expecting the value of their home to increase by 1.5 per cent over the next six months, compared with 1.2 per cent in September, marking the highest level it has reached since the index reported a peak in prices in October 2007.

Forty two per cent of consumers believe that the economic situation will be better in six months time, while 15 per cent believe it will get worse. Of those questioned during October,  68 per cent of people believe the economic situation is still bad.

Confidence in future household income continues to fluctuate with 17 per cent of consumers predicting their income will be higher in six months time, and 71 per cent claiming it will remain unchanged.

Nationwide chief economist Martin Gahbauer says: “While overall confidence among consumers remained static during October we did see some small adjustments to consumers’ perceptions of current employment and economic conditions, and their expectations of where these will be in six months’ time.”

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